Monday, May 20, 2024

OPEC: Iran’s 2021 oil output grew 21% compared with 2020

OPEC’s latest report shows Iran's crude production last year increased 21% compared with 2020 despite stringent sanctions imposed and strictly enforced by the United States.

Iran’s oil output in 2020 stood at 1.98 million barrels per day. It increased to 2.4 million barrels in 2021.

Global oil production, which reached about 91 million barrels per day in 2020, right in the midst of the coronavirus pandemic, grew by about 6.2% to 96.6 million (bpd) last year with an increase in crude demands.

Although the oil market continued to be affected by the coronavirus pandemic last year, vaccination campaigns worldwide led to relative containment of the disease which saw a resumption of economic activity across the world.

Things look brighter for 2022, with global production expected to reach more than 100 million (bpd).

Statistics show that oil production among OPEC members in 2021 compared to the previous year, has experienced less growth than the global average.

That’s due to the implementation of a reduction agreement among its members. OPEC production growth was about 2.6 percent, from 25.6 million (bpd) in 2020 to 26.3 million (bpd) last year.

Iran has been boosting its oil output over the past few months following the recovery of the global markets and as expectations grow for the unraveling 2015 nuclear deal to be revived.

Iran has said it is ready to immediately increase its supply of oil to global markets if American sanctions are lifted.

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